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Avant Personal Loans Review
Avant offers low-cost loans to those that other lenders normally do not
By Lindsay VanSomeren
Updated February 03, 2023
Fact checked by Ryan Eichler
We only recommend the best products using the independent process of reviewing and advertising does not influence our recommendations. We may earn a commission when you visit the partners we recommend. Read our advertiser disclosure for more info.
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The Investopedia Rating 3.7
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Our Take
Avant’s main selling point isn’t the affordable rates, particularly when you have excellent credit. If your credit isn’t perfect, Avant is one of the few lenders willing to assist you without costing fees that aren’t worth the cost.
Top Rated for
Best for Quick Loan Approval Best Emergency Loans for Bad Credit
Consolidation Loans for Runner-Up Debt for Bad Credit
Best for Refinancing Best Credit Loans for Bad Credit
Best for Bad Credit Finest IVF Loans
The best option for those with bad Credit The Best Loan Installment
Pros and Cons
The most important takeaways
Company Overview
specifications
Pros
Rapid funding timeframes
Lower credit criteria than many lenders
Lower income requirements than many loan providers
Cons
High origination charges
Relatively higher interest rates for people with good credit
Doesn’t directly pay for creditors’ consolidation loans
It doesn’t permit joint applicants, co-signers, or collateral
Not available Not available in Hawaii, Iowa, New York, Maine, Vermont, or West Virginia
Why should you trust us?
38
Lenders reviewed
40
Loan features considered
1,520
Data points that are analyzed
112
Primary data sources utilized
Investopedia has gathered important data points from a variety of lenders to identify the most important factors to the borrowers. We used this data to analyze each lender’s charges access, repayment terms, accessibility and other characteristics to provide unbiased, comprehensive reviews to help our customers get the best loan for their specific needs.
Learn more about our Methodology
Avant-logo
Overall rating 3.7
Check Rates
Table of Contents
Pros Explained
Pros and Cons of the Book
The types of loans
The time to receive funds
Requirements for Borrowers
Loan Features
Co-Signers
Refinancing
Customer Service
Customer Satisfaction
How do I apply?
Alternatives
Final Verdict
Methodology
Pros Explained
Quick funding timelines There are lenders that offer quicker service than Avant however, not by much: If you’re approved for the loan within the timeframe of the time of 4:30 p.m. Central Time, Monday through the Fridays, Avant will send you the funds via ACH the next day.1
Lower credit criteria than the majority of lenders: Avant will approve loans for people with credit scores that are as low as 550 assuming you meet other requirements. Most other lenders will just reject you outright if you’re credit score is that low.
Lower income requirements than many lenders: As long as you bring in at least $1,200 in income per month, you may be eligible for an loan. Because that’s about the average weekly take-home income for Americans which means that a lot of people stand a chance of being approved even if other lenders pass on them.2
Cons & Cons Explained
The high origination fee In the event that you have bad credit One of the trade-offs you can have to make by partnering with Avant is that you pay a higher origination cost than other lenders. On the other hand If you’re a prime borrower, Avant might eliminate the origination fee completely.
Interest rates that are generally higher for those with excellent credit: Avant isn’t limited only to people with lower income and credit. If you’ve got good credit, it’ll be very easy for you to get a lower-cost loan elsewhere.
Doesn’t pay creditors directly to consolidate loans If you’re using Avant to get the debt consolidation loan, you’ll need to pay off your previous creditors directly. Contrary to this, many other lenders allow you to transfer the loan money directly to the old lenders, saving your time when you pay off your previous loans.
Don’t accept co-signers, joint applicants or collateral. You’ll have to qualify for the Avant personal loan solely by yourself, with no assistance from a spouse, parent, or anyone else on the loan. Avant also doesn’t offer secured loans which allow you to offer collateral to increase your chances of approval and low interest.
It is not available in Hawaii, Iowa, New York, Maine, Vermont or West Virginia: Avant is accessible to those who reside in most U.S. states, but not in all of them.
If you’ve got excellent credit it’s likely that you’ll find lower rates elsewhere. Browse our picks for the top personal loans for excellent credit to see what you may receive.
Different types of Personal Loans offered by Avant
In the case of installment loans go, Avant only offers unsecured personal loans.
It is possible to use Avant’s personal loans for just about anything, except for illegal activities or paying for the cost of a college education. Avant advertises some of the most popular personal loan applications on its website, but remember that they aren’t really different loans as they all share the identical terms and conditions:
Improvements to your home loans to improve or repair your living space inside and out
Consolidation of debt loans to combine multiple higher-interest debts into one loan
Emergency loans to cover unexpected costs such as medical treatment or repairs to your car
When you can receive funds
When you’re accepted, Avant is able to deliver your funds to you relatively quickly. It can provide next-day ACH deposit when you’re approved prior to 4:45 p.m. CT, Monday through Friday. Keep in mind that depending on the policies of your bank, the process of making an ACH deposit may take up to a few days to be available in your account once Avant sends it.1
Borrower Requirements
Avant’s primary benefit is that it may be more willing to give you an loan in the event that other lenders refuse you right away, even if it’s not necessarily the cheapest option for conventional lenders. However, that doesn’t mean it approves everyone for a loan.
The good news is that Avant isn’t averse to divulging the specifics of the requirements you’ll have to meet in order in order to qualify for a loan unlike other lenders. The company has this to say to us:
Minimum credit score Minimum credit score: Minimum credit score:
Minimum monthly net income of $1200
Maximum debt-to-income ratio: 70%
Avant calculates your ratio of debt to income slightly differently than other lenders. To determine your ratio simply add your monthly debt payment total and your monthly mortgage payment, which includes rent. Then, divide that figure by your monthly income. (Monthly housing expenses aren’t typically included in the debt-to-income ratio calculation unless they’re for a mortgage for example, FYI.)
Avant Personal Loan Features
Change due date You’ll have the option to change your monthly payment due date to make it easier.
Highly rated mobile application: Avant offers Apple and Google Play apps, both of which are highly evaluated. You can’t use the app to request an individual loan However, once you have one, you are able to use it to manage almost all aspects of your repayment.
Light on perks: Lenders catering to a higher-credit-profile crowd generally offer more features, like paying your creditors directly for debt consolidation, unemployment protection, or even the ability to skip a payment every so often. In comparison, Avant doesn’t offer very many additional benefits.
There is no discount on your interest rate by signing up for autopay through your Avant loan like other lenders. However, it’s a good idea because it prevents the late payment and can help you build credit in a timely manner.
Co-Signers and Co-Applicant
Avant isn’t able to accept co-signers and co-applicants on its loans this is a bit odd considering it’s meant for people who may have a difficult time getting approved for financing. Then again, it does have lower credit requirements in the first place, making it easier for more applicants to be approved.
Can you refinance a personal loan With Avant?
Yes. If you already have an individual loan out, whether it’s from a different bank or Avant its own, then you are able to refinance it with Avant. It’s possible Avant can allow you to refinance to a larger amount also, should you require to borrow more funds. You may be able to receive a lower rate at Avant’s discretion, dependent on the circumstances.
The business only permits you to do this twice, but you must pick wisely.4
Customer Service
Avant provides decent customer support between 7:00 a.m. and 10:15 p.m. CT, Monday through Friday. Customers can also call on the weekend as well however, the hours are shorter, and they end at 8:00 p.m. CT. (If it’s your first time applying for an loan and calling in for help, customer service hours generally end at 8:00 p.m. CT for you any day of the week, regardless.)
Here’s how to reach Avant to help you with you personal loan:
Email: support@avant.com
Phone: 800-712-5407
Private message: Login to your account
Address for mail: 222 LaSalle Street, Suite 1600, Chicago, IL 606015
Customer Satisfaction
Avant has a mixed track record. On websites like Trustpilot and on online app stores which allow you to install the Avant app the app has a fantastic reputation.6
The reviews, however, paint a bleaker picture elsewhere. According to a 2022 J.D. Power lender satisfaction survey, Avant was ranked far lower than average by customers.7 Avant maintains a 1.2-star rating out of 5 with the Better Business Bureau, where Avant has received 652 complaints alone over the last year.8
Two hundred and twenty three people have filed complaints against Avant with the Consumer Financial Protection Bureau since 2017 and the firm even agreed to a settlement for $1.6 million, which was negotiated by the Massachusetts Attorney General, who cited unfair debt collection practices.910
Applying to an Avant Personal Loan
Avant’s individual loan application is quite similar to that of other lenders. You can apply for pre-qualification to see whether you’re likely to be approved for a loan and, if you are the rate you’ll pay could be. This is a gentle credit pullthat won’t affect any credit scores, so there’s no harm in getting a quote.
The form for pre-qualification is simple to locate on Avant’s website. You’ll need to fill out certain basic information about yourself, including your monthly payment for housing and income as well as your social Security number, as well as your contact details. Then, you’ll receive an estimate that is customized to your needs.
If you decide to go ahead with your inquiry, Avant will do a hard credit test at that point, which can temporarily drop the credit rating for period of time. You’ll also have to provide certain documents. The specifics might vary depending on the situation, however you should be prepared to provide duplicates of the documents. lenders typically require:
Recent pay stubs
Bank account statements
Transcripts or tax returns from the past 2 years (for self-employed borrowers)11
Take note that Avant may need to call your boss to confirm your employment status, but Avant doesn’t inform them that you’re seeking an loan.
Alternate Personal Loan Lenders
Avant LendingPoint Upstart
APR Variation9.95%-35.99%7.99%-35.99%6.5%-35.99 APR Range 9.95%-35.99%
Loan Amount $2,000-$35,000$12,000-$36,500 $2,000-$50,000$1,000-$50,000
Loan Terms12-60 months -24-72 monthseither 36 months or 60.
Minimum Credit Score Recommended550 not disclosedNo credit history required
Origination Fee Origination Fee0%-4.75%0.0%-8%0%-10%
When to Receive Loan 1 business day12One business day 13.Business day 1 14
Final Verdict
If you’re a credit-worthy person as well as a steady income, then we recommend that you keep looking for a different lender when you need to borrow money. The top personal loan lenders offer much better rates, features, and customer reviews than Avant.
However, if you don’t have great credit and a high income, and your only option is to take on higher interest debt , such as one of the payday loan, we’d definitely recommend Avant. Although it’s not perfect, it’s not nearly as troublesome as other lenders that take advantage of those with less choices. And since paying off an Avant personal loan helps you build credit if you pay your loans punctually (unlike payday loans payday loan), it could be a useful stepping stone to a better credit score.
Methodology
Investopedia is committed to providing its users with objective and comprehensive reviews of personal loan lenders. To rate providers we have gathered thousands of points across forty lenders. This includes interest rates, fees, loan amounts, and repayment terms, to make sure that our reviews aid customers make informed choices regarding their borrowing needs.
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